Prime Minister Gaston Browne has defended his administration’s plan to use the Antigua and Barbuda Social Security Scheme to invest in the redevelopment of the Jolly Beach Resort, pushing back against fierce criticism from former Finance Minister Harold Lovell.
Speaking on his weekly radio programme on Saturday, Browne addressed remarks by Lovell, who recently likened the investment to gambling in a casino, calling it a “reckless experiment” and a political stunt.
The Prime Minister rejected the characterisation, stating that the initiative was part of a broader strategy to strengthen the long-term viability of the country’s Social Security Scheme, which has struggled with insolvency since 2010.
According to government officials, the fund has historically depended on low-yielding fixed deposits. Browne argued that this outdated approach had failed to deliver the returns needed to meet growing pension obligations.
“A sustainable pension system requires more than just savings accounts,” he said. “It requires strategic asset allocation and proactive investment to meet future obligations.”
The administration has pointed to international models where pension schemes invest in real estate and infrastructure to secure long-term, inflation-protected income streams.
The proposed investment in Jolly Beach is part of that shift, intended to generate stable returns while revitalising a key tourism asset.
